Obama sees battle in Congress over consumer protections

WASHINGTON, July 21 (Reuters) – President Barack Obama said regulatory reform will be a “major battle” in Congress, where the financial industry has some powerful backers. “Part of what really gets me frustrated is when I hear that some of the banks are resisting the idea of a consumer finance protection agency that we’ve put forward,” he said in an interview with NBC’s “Today” show that aired on Tuesday.
When the banking industry opposes financial regulation after the turmoil it just went through, that demonstrates “selective memory,” Obama said.
“This is going to be a major battle on the hill because a lot of these banks have a lot of influence,” he said.